No penalty/Revival Fee in RD/SSA/PPF till 30/06/2020 || Ministry of Finance

No penalty in RD/SSA Scheme till 30.06.2020

As informed by MoF,

Sir/madam 

This has a reference to proposal/requests received from Deptt. of Posts, banks, depositors and Agents Associations to waive default fee/revival fee applicable on National Savings RD/PPF/SSA accounts on non deposit of monthly/yearly deposit and period of calculation/payment of interest on Small Savings Accounts due to the lock down situation in the country to contain spread of COVID19 infection.

In this connection, it has been approved by the Ministry of Finance (DEA) and conveyed vide email Dated 30.03.2020 that;

A) The subscribers of RD A/c/ SSA/ PPF A/c may deposit the mandated due amount, if any of Current FY (2019-20) and April, 2020 (as the case may be) in their respective accounts till 30th June, 2020 and no penalty/ revival fee shall be charged. 

B) The last day of the Current FY i.e. 31st March, 2020 shall be considered by the Operating Agencies for the purpose of calculation of interest payment on all Small Savings Schemes and hence, no change is made.

This may be brought to the notice of all concerned for necessary action.

DDG FS

Sachin Kishore